A roof replacement typically costs between $8,500 and $14,300, depending on the size of your roof and the type of shingles that are used. Labor costs account for approximately 60% of the total cost of replacing a roof. The most common types of roofs are asphalt shingle roofs and metal roofs.
The average new roof cost for 2,000 sq. ft. is $9,500 to $20,000, with most people paying around $14,000 for architectural shingles installed on a cross gable roof. This project's low cost is $6,000 for 3-tab shingles installed on a gable roof.
The national average cost of a new roof at 1,000 sq. ft. is $4,750 to $10,000, with most homeowners spending around $7,000 for architectural shingles installed on a cross gable roof. This project's low cost is $3,000 for 3-tab shingles installed on a gable roof.
While roofing shingles are expensive, the supporting underlayment, flashing, and labor make up a significant portion of the total roofing expense.
In general, most roofs will last between 20 and 25 years before they need to be replaced. If your roof is approaching or has already reached this age, it's time to start considering a replacement. When a roof gets older, it becomes more susceptible to damage from storms, wind, and hail.
A new roof can increase home value, but you might not see a 100% return on investment — very few improvements, if any, offer a full recoup of money spent. But even if you don't see a huge financial return, a new roof can make you more likely to get full asking price, lower time on market and smoother negotiations.
Key Takeaways
Most homeowners insurance policies cover roof replacement if the damage is the result of an act of nature or sudden accidental event. Most homeowners insurance policies won't pay to replace or repair a roof that's gradually deteriorating due to wear and tear or neglect.
That means that roof size is one of the biggest factors that affects the cost of a roof replacement. To get a ballpark figure for your home, you can multiply its square footage by $4.35 to get a lower-end estimate, or multiply it by $11 to get a high-end estimate.
Closing thoughts. Generally, getting a new roof lowers your home insurance premium, but be sure to double check with your insurance company to find out how much of a discount they offer for homes with new roofs as well as how much you could save if you updated your current roof.
The BEST rate by far is the Multiple-Project discount because you can get your money's worth with a bundle and get the services contracted together. Also, consider financing the remodel if you cannot pay for everything at once. The Multiple-Home/Neighborhood discount is another EXCELLENT discount.
It's common for contractors to request an upfront payment when you're dealing with a roofing project. These upfront payments are usually between 30% and 50% of the total cost, and reputable companies typically stick to this range and avoid asking for more.
It's absolutely not allowable and it's 100% illegal for the homeowner to not pay their deductible. Illegal in any way shape or form that it happens - Whether it's a credit, “sign allowance”, or any other method.
Roof requirements for homeowners insurance
A newer roof may mean a lower rate. A roof that's 20 years old or more may be ineligible for coverage or only be covered for its actual cash value. Condition: Insurance companies are looking for roofs that are in good condition with no visible signs of wear or tear.
Too Many Insurance Claims
However, It's almost always worth filing a roof claim if the type of damage or the extent of the damage is extensive. The cost of replacing a roof often outweighs the cost of higher premiums.
Unfortunately, you cannot deduct the cost of a new roof. Installing a new roof is considered a home improvement and home improvement costs are not deductible. However, home improvement costs can increase the basis of your property.
Another popular option (and probably your best option) is to have the seller deduct the cost of roof installation from the agreed offer on the house, so you can use the difference to have a roof installed yourself after closing. Sellers are typically far more likely to agree to these terms.
If you're someone who needs a more technical answer, this article explains that roofs with good resale value tend to be neutral-colored. This includes tan, brown, black, and gray.
However, winter is usually the cheapest time of year to replace your roof. This is simply because winter is the slowest time of year in the roofing industry. Because of this, roofing contractors' prices are generally the lowest or more competitive during the winter months.
With a lifespan of around 22-25 years, a 20-year-old architectural asphalt shingle is considered near the end of its lifespan. While 20 years is old for an architectural asphalt shingle roof, it isn't for a steel standing seam metal roof.
Preventative Maintenance: Replacing a roof before it starts leaking can be a proactive measure to prevent future issues. Leaks can cause extensive damage to your home, including structural damage, insulation problems, and mold growth.